ISLAMABAD: President Islamabad Chamber of Commerce and Industry (ICCI) Sheikh Amir Waheed, said that real estate sector has the potential to promote investment, but heavy taxes imposed on it have badly affected its growth.
He was talking to a delegation of Real Estate Consultants Association led by President Col (R) Munawar Heral on Friday.
He said that growth of around 250 ancillary industries including cement, steel, brick, timber and building material was dependent on the real estate sector, but the increase in taxes has slumped the business of all these allied industries. He urged that government should cut heavy taxes on this sector in the coming budget for its revival. He assured the Real Estate Consultants Association DHA Islamabad that ICCI would fully cooperate in resolving their key issues.
Chairman Association of Builders and Developers Pakistan (ABAD) Arif Jeewa said that real estate sector played important role in the economic development of any country, but heavy taxes on this sector in Pakistan have damaged its growth.
Speaking at the occasion, President Col (R) Munawar and General Secretary Muhammad Ahsan, Real Estate Consultants Association DHA Islamabad said that since July 2016, the government has increased 100 per cent taxes on real estate sector that caused 50 to 60 per cent reduction in its business activities.